Bitcoin (BTC) has seen a tough day when the price hit a one-month low, but on the Gold Market (XAU), traders suffer even more severe losses – recording the largest daily loss in over the past 7 years.
Follow data following the XAU / USD pair on February 29 Friday saw the worst 24-hour drop since 2013.
Gold decreased 7% in 5 days after the sell-off due to corona virus
In the past 5 days, gold has been crushed before a sell-off affecting the traditional market due to the corona virus outbreak. From February 24 to February 29, the XAU / USD pair lost a total of 7.3% before recovering slightly.
Weak performance puts gold close to par with “digital gold” – Bitcoin, the weekly loss is currently at about 9%.
As Toiyeubitcoin reported, after recovering from a 4-week low of $ 8,450, the world's largest cryptocurrency returned to its predicted average price and from there, trying to regain its moving average. 200-day action near $ 8,800.
Although gold remains steadfast in a sharp decline in the stock market, supporters of this precious metal have reason to celebrate. Peter Schiff – who famously hated Bitcoin and backed them gold, took this opportunity to ridicule those who believe BTC can act as a safe haven.
Schiff: gold “not disabled”
After the turning point of his destiny, Schiff still strongly believes in the promise of gold, while admitting such a fall is “very rare”.
"Today's 4% drop in gold is a very rare move in a day. But it doesn't happen often, "he wrote on Twitter on Friday.
"However, a 4% decline in Bitcoin is common, often witnessing a much larger daily decline. Today's move will not invalidate safe havens or store gold's long-term value. "
Bitcoin metrics – especially from Morgan Creek Digital co-founder Anthony Pompliano, Schiff's argument opponent, have reply that someone should “test” him when his own health is weakened.
Meanwhile, stock market pain continued after the Dow Jones suffered heavy daily losses on Wednesday. Since then, traders have been betting that the US Federal Reserve will cut short-term interest rate targets by 2020.
Maybe you are interested:
Join our channel to stay up to date on the most useful news and knowledge at:
According to CoinTelegraph
Translated by ToiYeuBitcoin